Bitcoin

Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute. 
Drawing from the weekly chart, the trader&nbsp;<a class="editor-rtfLink" href="https://twitter.com/CryptoBullet1/status/1785595173591773322" target="_blank" rel="noopener nofollow">maintains</a> a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024. 
<h2 id="bitcoin-is-falling-losses-60-000">Bitcoin Is Falling, Losses $60,000</h2> 
Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below April 2024 lows. 
This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains. <a href="https://www.tradingview.com/x/AfJop4wa/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/AfJop4wa/" alt="Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the $49,000 to $52,000 support zone, soaking up all selling pressure.&nbsp;This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point.&nbsp; 
Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply&nbsp;pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5. 
<img loading="lazy" decoding="async" class="size-full wp-image-606067" src="https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549" alt="BTC remains in a bullish formation | Source: Analyst on X" width="1024" height="549" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=2874 2874w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMexUeQWgAALQE2.jpg?resize=1024%2C549?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Currently,&nbsp;the analyst&nbsp;notes&nbsp;Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However,&nbsp;prices rally in Wave 3, pushing prices below $30,000 to fresh all-time highs, peaking at $73,800. 
The drop from all-time highs to spot rates, looking at the <a href="https://www.newsbtc.com/news/bitcoin/elliot-wave-theory-bitcoin-top/" target="_blank" rel="noopener ">Elliot Wave Theory</a>, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5.&nbsp; What’s Next? Will BTC Breach $100,000 In Wave 5? 
&nbsp;Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5.&nbsp; 
However, the analyst didn’t lay out the next possible target even from the chart.&nbsp;Still, if Wave 3 is around the same length as Wave 5, Bitcoin&nbsp;has a&nbsp;strong chance to&nbsp;surpass $100,000 after the current volatile price action ends.

Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst

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